Lowey Dannenberg Cohen & Hart, P.C. has filed a class action lawsuit in the United States District Court, Southern District of New York, against defendants J.P. Jeanneret Associates, Inc. (“Jeanneret Associates”), John P. Jeanneret and Paul L. Perry (collectively, “Jeanneret”), Ivy Asset Management Corporation (“Ivy”), Ivy Asset Management LLC, Lawrence Simon, Howard Wohl, Adam L. Geiger, Jeffrey R. Lindenbaum, John D. Rogers, Sean C. Simon, Kevin J. Bannon, Steven Pisarkiewicz, Robert Meschi, Susan Rabinowitz, Michael Singer, Alan Chuang, Gregory Van Inwegen, Sean Cumiskey, Stuart Davies, Peter Rose, Joseph Burns, Mark Santero, Peter D. Noris, Farzine Hachemian, Scott E. Wennerholm, Jonathan Little, Ronald P. O'Hanley, and Bank of New York Mellon Corporation (collectively, the “Defendants”), on behalf of all persons, other than Defendants, who, as a result of investment management/advisory services rendered by Jeanneret Associates and/or Ivy, invested directly with Bernard L. Madoff Investment Securities, LLC (“Madoff”), (the “Class”) from January 1, 1996 to the present (the “Class Period”), to recover damages caused by Defendants’ violations of the Securities Exchange Act of 1934, Employment Retirement Income Security Act of 1974 (“ERISA”), Investment Advisors Act of 1940, and common law claims, including breach of fiduciary duties.
The case is styled Plumbers & Steamfitters Local 267 et al., v. J.P. Jeanneret Associates, Inc., et al. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Lowey Dannenberg Cohen & Hart, P.C. website at www.lowey.com.
The Complaint alleges that during the Class Period, unbeknownst to Class members, Defendants failed to perform the necessary due diligence that they were being compensated to perform as investment advisors, managers and fiduciaries, and proximately caused millions of dollars in losses by placing the Class’ investment assets in Madoff entities. Defendants either knew or were reckless in not knowing that assets placed with Madoff were at risk because his enterprise was a massive Ponzi scheme. Defendants ignored numerous red flags, including the abnormally high and stable positive investment results reportedly achieved by Madoff regardless of market conditions; inconsistencies between publicly available financial information and the purported amounts that Madoff was trading and managing for clients; and the fact that Madoff was audited by a small, obscure accounting firm.
Jeanneret issued statements in, among other documents, investment management agreements, that were false and misleading because they stated that Jeanneret and Ivy would conduct thorough due diligence with respect to assets under Jeanneret’s management. Plaintiffs allege that Defendant Ivy was Jeanneret’s investment consultant and that Ivy shared in Jeanneret’s investment management fees in violation of ERISA. Defendants Jeanneret and Ivy failed to perform the represented due diligence and oversight, and abdicated their fiduciary duties to the investors by entrusting the Class’ assets with Madoff.
If you invested in Madoff as a result of investment management/advisory services rendered by Jeanneret Associates and/or Ivy during the Class Period, you may request that the Court appoint you as lead plaintiff by October 30, 2009.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiffs. Your ability to share in any recovery, however, is not affected by your decision on whether or not to seek appointment as a lead plaintiff. You may retain Lowey Dannenberg Cohen & Hart, or other counsel of your choice, to serve as your counsel in this action.
Lowey Dannenberg Cohen & Hart has extensive experience in the prosecution of class actions in state and federal trial and appellate courts across the country. The firm has accomplished attorneys in various practice areas with offices in New York and Pennsylvania. The reputation and expertise of the firm in shareholder and other class litigation has been repeatedly recognized by the courts for its results in complex securities litigation. Please visit the Lowey Dannenberg Cohen & Hart website (www.lowey.com) for more information about the firm.
If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Barbara Hart |
Thomas M. Skelton |
Lowey Dannenberg Cohen & Hart, P.C. |
White Plains Plaza |
One North Broadway |
White Plains, NY 10601-2310 |
Phone Number: (914) 997-0500 |
Email: | Bhart@lowey.com | ||
Tskelton@lowey.com | |||
Website: | www.lowey.com |
Contacts:
Lowey Dannenberg Cohen & Hart, P.C.
Barbara Hart, 914-997-0500
Bhart@lowey.com
or
Thomas
M. Skelton, 914-997-0500
Tskelton@lowey.com
www.lowey.com